Annex Cloud delivers the only fully integrated Advocate Marketing and Customer Loyalty platform. Our blog is your source for news, trends, and expert insights into the world of customer loyalty, advocate marketing, and more.

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Finding and acquiring new customers can be a huge challenge. The reasons can be many, but the customer loyalty stats don’t lie: it’s roughly 500% more expensive to convert new ones than to keep current customers. Your competitor may be leaving you behind at the finishing line due to product quality, or your customer service could be lacking…Fetching a new customer from the clutch of an eminent competitor is like an everlasting headache for marketers.

But, retaining existing customers is relatively easy considering the fact that the existing customers love something about your brand…and that’s why they have been with you so far. But you can’t sit there complacently, believing that they will remain with you forever. You have to give them something to validate their business with you. And that’s where loyalty programs work as a remedy to the problem of customer retention. Before moving into the implantation phase of loyalty program, you should have an eye on what impact loyalty has on customers, what makes people loyal, and how different elements of society, like women and millennials, think about loyalty. That’s why we’ve assembled this list of 64 vital customer loyalty stats for your 2017 retention planning.

Why Loyalty Programs Matter (14 Customer Loyalty Stats)

It costs 500% more to acquire new customers than it does to keep current ones.